$317K-Per-Apartment for Rent-Stabilized Buildings in Gravesend and Kensington January 26, 2018

Connect Media | January 16, 2018

The Hertz family paid $46 million for a portfolio of three properties with a total of 145 rent-stabilized apartments in Brooklyn’s Gravesend and Kensington neighborhoods. That works out to a price of $317,000 per apartment.

Several other buyers had come close to purchasing the properties at 320-328 Ocean Parkway, 420 Avenue F in Kensington, and 2302 85th St. in Gravesend, but each of those deals ultimately unravelled. The building were owned by Jeremias Family Partnership, and had been controlled by the family for decades.

“Arranging the sale of inheritance holdings is often complicated. Despite the fact that there were several family members with ownership stakes in this portfolio, we were able to get all the stakeholders to agree to this aggressive offer with a sub-four cap rate,” said Aron Taub of GFI Realty Services, who with Erik Yankelovich and Isaac Moskowitz advised both the buyer and seller, along with Meridian Capital Group’s Lipa Lieberman, Adam Sprung and Mark Steinmetz.